South Korean prosecutors have charged multiple individuals behind a Solana-based memecoin project named CatFi.
According to a Wednesday official release, the Seoul Southern District Prosecutors' Office has filed charges against two main suspects who were taken in custody, along with three others who were not detained.
The suspects allegedly launched CatFi on Solana memecoin launchpad Pump.fun in early 2025, and abandoned the project shortly after investors injected significant capital into the token — an act commonly known as a rugpull.
"This marks the first time that the 'Virtual Asset User Protection Act' has been applied to penalize a rugpull scheme — a pervasive crime in the crypto market — under fraudulent and unfair trading regulations," the translated release said. "It's also the first legal prosecution of a crypto crime executed through a DEX, which has been in a regulatory blind spot."
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